The Reserve Bank of India (RBI) logo is displayed on the bank’s building in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)

Panel Interviews Nine For RBI Deputy Governor’s Post

The Cabinet Secretary-headed panel today interviewed three senior bureaucrats and six bankers for the post of RBI Deputy Governor which fell vacant in July last after SS Mundra retired on completion of his three-year term.

According to people with knowledge of the matter, some of the bankers who appeared for the interview included:

  • MK Jain, Managing Director, IDBI Bank
  • Charan Singh, Executive Director, UCO Bank
  • SBI managing directors B Sriram and PK Gupta
  • KP Krishnan, Secretary of Skill Development and Entrepreneurship
  • Yaduvendra Mathur, Additional Secretary, NITI Aayog
  • TV Somanathan, Principal Secretary in Tamil Nadu

All of them appeared for the interview before Financial Sector Regulatory Appointment Search Committee, sources said. Selected names will be sent to Appointments Committee of the Cabinet headed by the Prime Minister for final approval, sources added.

Besides Cabinet Secretary, other members of the panel included RBI Governor, Financial Services Secretary and two independent members.

As per the RBI Act, the central bank should have four deputy governors – two from within the ranks and one commercial banker and another an economist to head the monetary policy department.

Although interviews were conducted on July 29 last year, the government decided to start the process all over again in January this year.

According to a public notice published on the website of the finance ministry earlier this year, applicants should have at least 15 years of experience in banking and financial market operations.

Besides, applicants should have extensive experience as a full-time director or board member and possess understanding at a very senior level, of supervision and compliance in the financial sector, it had said.

The appointment will be made for a period of three years and the person will be eligible for reappointment, it had said. The deputy governor will draw a fixed salary of Rs 2.25 lakh per month plus allowances.